Chesapeake plans to double oil, natural gas production by 2015

HOUSTON — Chesapeake Energy Corp. said it plans to more than double its oil and liquids production by 2015 as the natural gas giant aims to become one of top five U.S. oil producers, MarketWatch reported.

The company said it plans to produce about 250,000 barrels a day of oil and natural gas liquids by 2015, up from about 104,000 barrels a day in the fourth quarter.

Chesapeake will increase its activities in the increasingly important oil and gas fields in the Eagle Ford region of south Texas and the Utica shale formation in the Midwest and Northeast, the company’s CEO Aubrey McClendon told investors during a conference call.

"On the oil side, we hope to have some breakthroughs this year," McClendon said.